A new set of standard bunker terms developed by a cross-industry group under international shipping association BIMCO has been approved by its Documentary Committee on Wednesday (2 May) in New York.
The BIMCO Bunker Terms 2018 improve on the previous edition with a maximum limit of the parties’ liabilities – a key change which BIMCO believes will lead to wider adoption of the contract.
“I think it is a positive step for the industry that representatives for the bunker traders and shipowners have agreed on a standard set of terms, which both parties consider fair and balanced,” says Francis Sarre, Chair of the BIMCO Documentary Committee.
According to BIMCO, the trader representatives who helped draft the contract together account for 25% of the total bunker volume sold globally, which BIMCO sees as a very strong sign of support for the final result.
The BIMCO Bunker Terms 2018 also have the support of the International Bunker Industry Association (IBIA).
Wide adoption of the standard terms across the industry is expected to improve and speed up bunker transactions and reduce disputes, says Sarre.
“We all need to improve efficiency and cut costs,” he notes.
“With a widely used standard contract all parties involved should save time on drafting contracts and get greater clarity on the contractual obligations and liabilities in the contract.
“This will hopefully bring more transparency to the bunker industry.”
The BIMCO Bunker Terms 2018 includes a default limit of the invoice value or $500,000, whichever is higher. The $500,000 is a default minimum figure that the parties can increase if appropriate.
The BIMCO Documentary Committee consists of over 60 people from across the shipping industry, including: shipowners, ship operators, representatives from P&I clubs and national shipowner and shipbroker associations.
The committee also has several observers including the International Group of P&I Clubs, the International Chamber of Shipping, INTERTANKO, FONASBA and the Maritime Law Association of the US.
Photo credit: BIMCO
Published: 4 May, 2018
Meeting will be held at 28 Biopolis Road, Wilmar International, Singapore 138568 on Friday (7 January, 2022) at 11:30 am, according to the Government Gazette.
Meetings for Krisenergy Pte Ltd, Krisenergy Marine Pte Ltd, Lulele Learning Space Pte Ltd and Pacific Coffee Company (s) Pte Ltd will be held on 12 September.
‘We attach great importance to the relevant information and are carrying out investigation,’ says Foreign Ministry spokesperson.
‘There are some important differences between VLSFO and biofuels, and as a result, parties should consider whether additional changes should be made to biofuel bunker contracts,’ says Paul Collier.
‘The total amount of gratification involved is the highest ever in a local corruption case and there was a sustained period of offending,’ said CPIB DPP at the State Courts of Singapore.
‘Non-compliance to these regulations may result in imprisonment with labour for up to one year and/or a fine of up to 10 million won,’ warns the P&I club.
‘We’ll start the application [to MPA] before the end of 2022 and hopefully to receive approval within six months or sooner,’ L. Y. Hwang, Director / General Manager of Oval Asia Pacific Pte Ltd, tells Manifold Times.
Digitalisation makes it easier for shipowners to conform to growing external regulations such as new sulphur regulations and ‘no scrubber’ zones; operators can identify better bunkering options to reduce costs.
Eventual adoption of Digital Bunker Document Standard speeds up interoperability between stakeholders from both public and private sectors, learns Singapore bunkering publication Manifold Times.
Rob Ashton, Market Manager of Infineum, explains how Infineum B402 is a relatively easy way for a ship operator to positively influence a vessel’s CII rating while improving its bunker fuel consumption performance.
Fifteen incidents of misappropriation of Shell gasoil worth USD 10,4 million went undetected by Shell between 2016 to 2017 due to Muhammad Ali Bin Muhammad Nor’s involvement, learned Manifold Times.
ISO delegates represented seven countries and were in Singapore to attend a three-day meeting of ISO WG13 to develop two new ISO bunkering standards, learns Singapore bunkering publication Manifold Times.
